Fuwei Films Learns Result of Auction of Controlling Interest

Fuwei Films Learns Result of Auction of Controlling Interest
PR Newswire
BEIJING, March 25, 2014
BEIJING, March 25, 2014 /PRNewswire/ --Fuwei Films (Holdings) Co., Ltd.
(NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that the
Company has become aware that the fifth public auction by which the Company's
controlling shareholder, the Weifang State-owned Assets Operation
Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset
Management and Supervision Committee (collectively, the "Administration
Company") sought to sell control over 6,912,503 (or 52.9%) of its outstanding
ordinary shares, resulted in the acceptance of a successful bid. It is learned
that the bidder is expected to receive control over 6,912,503 (or 52.9%) of
the Company's outstanding ordinary shares at a price of RMB101, 800,000
(approximately US$16,572,787) or approximately US$2.40 per ordinary share.
Additional information regarding the bidder will be disclosed in a separate
press release as soon as the information is available.
As a result of the transaction, the bidder is obligated to file a Schedule
13-D with the US Securities and Exchange Commission within ten days of the
public auction.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei
Films (Shandong) Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong develops,
manufactures and distributes high-quality plastic films using the biaxial
oriented stretch technique, otherwise known as BOPET film (biaxially oriented
polyethylene terephthalate). Fuwei Films' BOPET film is widely used to package
food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging,
electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and are subject to risks. Risk
factors that could contribute to such differences include those matters more
fully disclosed in the Company's reports filed with the U.S. Securities and
Exchange Commission which, among other things, include both the short and
long-term effects of the global financial crisis on the Company and the BOPET
film industry; competition in the BOPET film industry; growth of, and risks
inherent in, the BOPET film industry in China; uncertainty as to future
profitability and our ability to obtain adequate financing for our planned
capital expenditure requirements; uncertainty as to our ability to
continuously develop new BOPET film products and keep up with changes in BOPET
film technology; risks associated with possible defects and errors in our
products; uncertainty as to our ability to protect and enforce our
intellectual property rights; uncertainty as to our ability to attract and
retain qualified executives and personnel; and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in view of the
volatility in the prices of petroleum products in recent years. The
forward-looking information provided herein represents the Company's estimates
as of the date of the press release, and subsequent events and developments
may cause the Company's estimates to change. The Company specifically
disclaims any obligation to update the forward-looking information in the
future. Therefore, this forward-looking information should not be relied upon
as representing the Company's estimates of its future financial performance as
of any date subsequent to the date of this press release. Actual results of
our operations may differ materially from information contained in the
forward-looking statements as a result of the risk factors.
For more information, please contact:
In China:
Mr. Yong Jiang
Board Secretary
Phone: +86 158 632 92177
Email: fuweiir@fuweifilms.com
In the U.S.:
Ms. Vivian Chen
Investor Relations
Grayling
Phone: +1-646-284-9427
Email: vivian.chen@grayling.com
SOURCE Fuwei Films (Holdings) Co., Ltd.
Website: http://www.fuweiholdings.com